Tuesday, August 7, 2012

FDIC and Fed issue "Notice of Proposed Rulemaking"
to adopt Basel III

Thanks to Les for this information:

FDIC and Fed issue "Notice of Proposed Rulemaking" to adopt Basel III

Last week, the FDIC and the Fed issued a "Notice of Proposed Rulemaking" to adopt the Basel III capital requirements. If this new rule is adopted as proposed, gold would shift to a zero-risk weighting for purposes of calculating bank capital by the year 2015. Such a move would eventually place gold at the heart of global currency and payment systems -- seemingly a shift back towards a gold standard.

This action is a strong confirmation that gold's primary trend will likely continue.





Book Launch for "Laugh and Tough it Out"

I just got this from a dear friend who did so much to help me escape out of fundamentalist religion, this sounds like a really interesting book.  -AK

Dear AK: Re Book Launch for Laugh and Tough it Out 

On Saturday 2.30 pm on August 18, we are having a book launch for Laugh and Tough it Out: How Sam Underwood met triumph and disaster in a distinguished medical career in Malaysia. (Irenic Publications) 

About 15 years ago I formed a friendship with this distinguished medical doctor in Malaysia through our mutual interest in tropical fruit horticulture. I became so impressed with the story of Sam's life, that I decided to write an account of it. 

Against the odds of poverty, racial discrimination (Sam is a Tamil by birth), the Japanese occupation of Malaya, the post-war Communist insurgency and several remarkable escapes from the jaws of death, Sam went on to master seven languages and to obtain 5 medical degrees including a PhD in Plastic Surgery from the Nihon University in Tokyo. 

His humanitarian work was also highly awarded by the Malaysian Sultans and the Emperor of Japan. 

Sam exemplified this immortal line from Kipling, "If you can meet with triumph and disaster, and treat those two imposters just the same..." From a most unlikely source - a Japanese military officer - Sam was inspired to "laugh and tough it out" no matter what the circumstances of his life.

It is for this reason that our inspirational little book about his life is sprinkled with a lot of laughter and jokes.

The book can be ordered here: 

Book Summary:
Sam Underwood was born into a Tamil family in the old Ceylon. He grew up at Penang in the old Malaya under British rule and dreamed of becoming the best medical doctor he could possibly be. His life was dramatically changed by his very personal encounters with the Japanese Occupation during the War and by the Communist insurgency after the War. His life too was vitally impacted by the remarkable transformation of the old Malaya into the fully independent nation of Malaysia in 1957.

The beginnings of Malaysia's career as an independent nation co-incided with the beginnings of Sam Underwood's very distinguished medical career in which he earned 5 medical degrees, including a PhD in plastic surgery and the man have forged remarkable success stories, neither of them are unblemished success stories. Sam has experienced the commendable and not so commendable features of his nation's multi-racial policies. He has met both triumph and disaster in his own personal life - illustrating that excellence is never achieved by the absence of human fault-lines, but in spite of them.

British Whining About US Bank Regulators

I nearly fell out of my chair when I saw this exchange live with Sean Corrigan on CNBC Europe.  The banks are at war with each other!!!  It sounds like two bratty kids ratting each other out doesn't it? -I tried to find the original interview but haven't located it yet.  The longer exchange was fascinating at the way the bankers are shocked to see their corrupt actions in the public light. -AK

Brian Sullivan: CNBC Street Signs with Brian. Thank you. Shocking stories surrounding Standard Chartered bank following accusations they did illegal business with iran. Following a string of actions by U.S. regulators against big British banks. We had them against Barclays and others as well. One market watcher [Sean Corrigan, chief investment officer of Diapason Commodities Management] whined a bit about America's harsh treatment about banks beyond our borders.

AK: Here's how CNBC US transcript was reported it here (notice the redactions of the yellow text script and the substitutions in blue)  http://www.cnbc.com/id/48237309 :
"Why is it always a Swiss bank or German bank doing these evil things? Doing money laundering and financing terrorists? There's never an American bank involved because they're in the pocket of the American banking lobby.  There's so many since in the world including the American banking system sit at home but most authorities never go after an american bank. they go after somebody abroad. This is ludicrous."
AK: Here's the unedited original text from CNBC Europe http://www.cnbc.com/id/46484789  :
"Why is it always a British bank, or a Chinese bank or a German or a Swiss bank who are doing all these evil things around the world? Manipulating Libor and money laundering and financing terrorists and all these other... There is never American bank involved because they are all in the pocket of the American banking lobby ... all the sins, there are so many sins in the world which any commentator including within the American banking system will tell you sit at home but the American authorities never go after an American bank, they try and bully somebody abroad, this is ludicrous"

Brian Sullivan: Wow. Are the banks in the pockets of lobbyists? And do regulators never go after American banks?

John Carney:  This is complete hogwash. Just a couple years ago they paid $550 million in fines. JP Morgan was brought up on charges by NYMEX. Earlier this year they paid $20million in fines. The year before that, they paid $150 million in fines for doing mortgage related funny business. The idea our regulators aren't going after our banks is crazy.

Amanda Drury: It is true the U.S. banks can open up their wallets to influence congress? 

John Carney: That is true. They do have influence in Congress, not just the U.S.banks. Foreign banks also donate to American electoral campaigns all the time.

Brian Sullivan: Take that, Mandy.

Amanda Drury: Whoa. Two against one.

John Carney: And manipulating the political system as any U.S. bank, the U.S. banks do -- it's true, U.S. regulators do go after foreign banks just like they do domestic banks. That's because we let them operate here.

Amanda Drury: Right.

John Carney: We have the most open financial system in the world. that's why they get in trouble. What about with Iran, Barclay, Credit Suisse all agreed to paying fines for doing business with these banks? We have LIBOR for years and years and years -- are they misbehaving more? I don't think they're misbehaving more, its just about as much as American banks.

[Missing from the transcript] Amanda Drury: So what's with these foreign banks doing dirty dealings with Iran? For example Barclays, Lloyds, Credit Suisse, ING, they've all agreed to pay fines

Brian Sullivan:  Are the fines more severe for foreign banks? Standard Charter could lose its banking license.

John Carney: When you're accused to giving money to countries that sponsor terrorism, you damn well should lose your license. We're talking hundreds of millions of record fines paid by Goldman Sachs for allegedly cheating a German bank. We were protecting a German bank and finding one of our own.

Amanda Drury: [So] you think it's a fair playing field?

John Carney: I think it's a fair playing field. If anything, we give [the benefit of the]doubt to foreign banks because we think their home regulators will investigate them. That's probably wrong. If anything, the foreign ones are in their pockets. U.S. regulators hate this charge, hate the idea. I spoke to somebody at the Treasury department who said, we think this is ridiculous, but defensive, about the idea the U.S. is harder on foreign banks.

Amanda Drury: John, always good to have you on the show.

New Footage of Bohemian Grove


Click here for the audio version

That old fisherman just headed down to the lake again, pole and bucket in hand.  It’s so quiet here.  I can hear the hollow sound from his bucket when he first sets it down on the ground.  I like that.  There’s a comfort in the ordinary. I grew up far from this tiny lake, surrounded by water.  Fish and clams and minnows and fisherman were my everyday.  This familiar scene runs very deep and soothes me somehow.

Little else does right now.  I feel as if I am at a masquerade ball.  We are dressing up in costume for business as usual, while beneath these masks it is anything but.  We are unrecognizable.  Nothing is at it seems.

A hawk circling high overhead, just swooped down low,  a few feet in front of my eyes – as if on command.  An omen.  We are entering powerful times. Every cell of my body feels it.  I couldn’t sleep last night.  My “Mom” mask may be buying school supplies, but my light worker self can barely contain her excitement.  It’s pretty wild to be contemplating the price of notebooks while simultaneously saving the world.

We are super heroes in disguise – We look like regular people, yet beneath these calm exteriors lie powerful forces.  Don’t you feel like that?

It’s like every fantasy rolled into one.  There’s good guys fighting corruption, space ships, natural disasters, help from the heavens and everlasting love.  It’s all here and yet, while it goes on, we pay our bills, mow our lawns and talk about the weather.

We have families to raise, money to earn and a planet to save.  Not just anyone could do this you know.  It takes one powerful being to pull off such a stunt.  Our masks are so well constructed the vast majority of the population will never even know they exist.  We are that good.

We were chosen because of our ability, determination and power.  We are the light – one force of absolute love here to lift a world out of darkness and propel her into a brilliant new dimension.

Our voice gets stronger all the time.  You could hear the start of this new song with the OWS (Occupy Wall Street) movement.  It continues.  Just listen to what many of us, speaking as One, can do:  We are exquisite.  

Our efforts to topple corrupt regimes and institutions will set us free.  All of us are discovering we have a voice, and our song just keeps getting louder, our harmony perfect.  We are not debt slaves.  We are love, and love cannot be stopped.

You did that.  You are here because you knew there would come a day when you’d be needed.  We may never take our masks off and that’s okay.  We’re good with that.  We know who we are.

We are the ones we’ve been waiting for.

Sophia love

Updated 8/7/12: "...a privately controlled entity is quietly absorbing World Debt."

This was posted at Kerry Cassidy's Project Camelot blog:

Click here to read more at Kerry's blog.

Updated: 8/7/12

A reader pointed to this at dinarguru.com:

8-6-2012  Intel Guru Bluwolf  first of all maddam wu is our angel and...she will be bailing out the world...she will furnish the international release of the iqd...she is putting the money for this exchange...second there is no changes in the scenario, we are still on track...it is the when that has not happen as of yet...we are second by second, period.


Read more: http://www.dinarguru.com/#ixzz22ueQsOi2

Updated: 8/7/12

From Kerry Cassidy's Blog:

Click here to read more at Kerry's blog.
This blog is supported by ads and donations. If you enjoy this blog please consider supporting it with a contribution via PayPal.